Japan’s retail giant Seven & i Holdings is said to be considering unloading some of its shares in its group companies. The move is seen as a bid to boost corporate value in the face of a takeover offer by a major Canadian convenience store operator.
Sources say Seven & i may sell part of its 46.4 percent stake with voting rights in Seven Bank. The bank operates ATMs mainly at 7-Eleven outlets.
The scope of the sale and the envisioned buyer are apparently still undecided.
According to sources, Seven & i is also working out details to sell a part of its supermarket shares, including those of Ito-Yokado, which was the group’s original business.
Earlier in April, the firm announced it would set up an intermediate holding company with its supermarket operations under its umbrella and aim for listing as early as 2027.
The company is now seen to be screening partners to reconstruct its struggling supermarket business and sell part of its shares.
Observers say Seven & i aims to focus on its mainstay convenience store operation.
The company rejected a takeover offer from Canadian convenience store operator Alimentation Couche-Tard last month, saying it “grossly undervalues” the company. But it added it remains open to talks with the Canadian firm if it presents an offer recognizing the “standalone intrinsic value.”